Forex.com In Canada Reviews 2023: Features, Cost & Alternatives
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Forex.com is a leading online trading platform that offers traders the opportunity to trade in foreign currencies and trade CFDs. The platform is available on desktop, web, and mobile devices, making it easy for intermediate traders to professional traders to access their accounts from anywhere.
- Easy-to-use trading platforms
- Tight spreads
- Quality executions
- Regulated by multiple financial authorities
- Limited product offerings compared to some competitors
- Award-winning trading platforms: Forex.com offers award-winning trading platforms that are easy to use and packed with features.
- Tight spreads: The platform offers some of the tightest spreads in the industry, making it easier for forex traders to make a profit.
- Quality executions: Forex.com uses advanced technology to ensure that trades are executed quickly and accurately.
- 24-hour live support: Traders can get help whenever they need it with 24-hour live support.
Forex.com was founded in 2001 and has since grown to become one of the most trusted names in online forex trading. The company is headquartered in Bedminster, New Jersey, and has offices around the world. Forex.com is regulated by multiple financial authorities, including the Financial Conduct Authority (FCA) in the UK and the National Futures Association (NFA) in the US.
Forex.com is a well-established online forex and retail CFD accounts broker that has been operating since 2001. It is a brand of its parent company-GAIN Capital Holdings, which is listed on the New York Stock Exchange.
This legitimate broker offers a wide range of trading instruments, from simple to complex instruments, including forex, indices, commodities, and cryptocurrencies. Forex.com operates globally and is regulated by top-tier financial authorities in multiple jurisdictions.
Forex.com offers several advantages to its clients:
Wide Range of Currency Pairs
Forex.com provides access to more than 80 pairs, including major, minor, and exotic ones. This allows traders to diversify their portfolios and take advantage of different market conditions, no matter what currency pair they need.
Comprehensive List of Indicators
Forex.com offers an extensive list of technical indicators that can be used for analysis and decision-making. Traders can customize their charts with indicators such as moving averages, Bollinger Bands, MACD, RSI, and many more.
Plenty of Forex Trading Education & Research Tools
Forex.com provides traders with a wealth of resources to help them improve their web trading skills. These include webinars, video tutorials, eBooks, and more. Additionally, this good broker offers research tools such as daily market analysis, economic calendar, and CFD trading strategies.
Regulated by FCA (U.K.), Commodity Futures Trading Commission CFTC, NFA (U.S.).
Forex.com is regulated by top-tier financial authorities in multiple jurisdictions, such as the Financial Conduct Authority (FCA) in the UK and CFTC in the US. This ensures that traders’ funds are protected and that they are trading forex with a reputable broker.
Forex.com offers a free demo account that allows traders to practice their strategies with risk management. This can be very useful for beginners who want to get familiar with the platform before trading live.
Active Trader Program
Forex.com’s Active Trader program offers enhanced benefits for high-volume traders, such as dedicated account management, cash rebates on trades, and more. This program is designed for traders who trade frequently or have large accounts.
Let’s take a look at some general information about Forex.com accounts that might be useful for traders.
|Standard||Commission||Direct Market Access (DMA)||Islamic Account|
|Trading Fee||$0||$5 per 100,000 units traded||$5 per 100,000 units traded||No commission charged|
|Non-Trading Fee||$15/month after 12 months of inactivity||$15/month after 12 months of inactivity|
|Withdrawal Fee||$0 for ACH, $25 for wire transfer||$0 for ACH, $25 for wire transfer||$0 for ACH, $25 for wire transfer|
|Inactivity Fee||$15/month after 12 months of inactivity||$15/month after 12 months of inactivity||$15 per month after 12 months of inactivity||$15 per month after 12 months of inactivity|
|Minimum Initial Deposit||$50||$1,000||$25,000||$500|
|Markets Offered||Forex, Indices, Commodities, Cryptocurrencies||Forex, Indices, Commodities, Cryptocurrencies||Forex, Indices, Commodities, Cryptocurrencies||Forex, Indices, Commodities, Cryptocurrencies|
|Spread||0.8 pips on EUR/USD||0.2 pips on EUR/USD (plus commission)||From 0.1 pips on EUR/USD||From 1.0 pip on EUR/USD (no commission)|
|Leverage||Up to 50:1 for major currency pairs||Up to 50:1 for major currency pairs||Up to 1:50 for forex and up to 1:20 for indices and commodities||Up to 30:1 for major currency pairs|
|Platforms Available||WebTrader, MetaTrader4 (MT4), Advanced Trading Platform (ATP)||WebTrader, MetaTrader4 (MT4), Advanced Trading Platform (ATP)||MetaTrader 4, FOREXTrader PRO, and DMA trading platform||WebTrader, MetaTrader4 (MT4), Advanced Trading Platform (ATP)|
|Mobile App||Available for iOS and Android||Available for iOS and Android||Available for iOS and Android||Available for iOS and Android|
Forex.com Standard Account
The standard account is perfect for those who are new to trading forex or prefer fixed spreads. With this account, you can enjoy competitive pricing with no commissions.
Forex.com Commission Account
For those who prefer tighter spreads and are willing to pay a commission per trade, the commission account may be the right choice for you. This account offers raw market spreads with no markups.
Forex.com Direct Market Access (DMA) Account
If you’re an advanced web trader who requires deeper liquidity and faster execution speeds, the DMA account may be the best fit for you. This account type provides access to institutional-grade liquidity from top-tier global banks and ECNs.
Forex.com Islamic Account
Forex.com also offers an Islamic account that complies with Sharia law. This account type is swap-free and does not charge or pay interest on overnight positions, making it suitable for stock traders who follow Islamic finance principles.
Forex.com Quick Overview
Best Overall Value
- Low Trading Costs
- Inhouse Market Research
- Established and Secured
- Negative Balance Protection
Forex.com Customer Reviews
Here are some real customer reviews for Forex.com:
Excellent customer service. Reached out to me as a new account and provided a lot of helpful information and resources. Very genuine, not forced or artificial. Put me at ease as someone who has never traded forex. Great start to my journey into forex trading.David
Thank you for the assistance, it was really helpful. You made me easier to understand how to navigate on the platform. I will ask again if I have any questions.Prabowo
As simple as can be when making an account and getting set up your with your bank. Depositing money and transferring is incredibly simple as well. you will though have to make a separate account if you want to use metatrader and trade on that account, then transfer money to main account and then to your bank. all done within a minute though. the customer service chat is amazing and fast with real people.Steven
So far ok with the web trading app. My only issue is trying to contact and communicate with the online tech help. Sometimes can be confusing because they do not always understand my queries. So I end up calling and speaking to a real person, which helps.Mario
Review of Forex.com
|Overall Pricing and Value|| |
|Cost Value|| |
|Customer Support|| |
|Ease of Use|| |
|Included Features|| |
Forex.com is a regulated broker that can service all types of fx traders but its emphasis on fast, reliable execution makes it a good fit for the high-volume trader. With low account minimums and competitive pricing, it offers excellent value to its customers.
Is This Brand Right For You?
If you are looking for a one-stop shop for trading forex with advanced tools and analysis at your fingertips, then Forex.com may be right for you. Its diverse research functions make it stand out from other brokers in the industry.
Forex.com offers excellent value with low minimum deposits, low bank fees, and competitive pricing across multiple account types. Traders can access advanced tools and analysis without breaking the bank.
Forex.com’s customer service team is top-notch, with patient representatives who are knowledgeable about the platform’s features. They are available 24/7 via phone or email to answer any questions or concerns you may have.
Ease of Use
The Forex.com platform is easy to navigate with intuitive menus that make it simple to find what you need quickly. Traders can customize their workspace with drag-and-drop functionality so they can focus on what matters most – execute trades.
Forex.com offers a range of features, including diverse research functions such as charting tools, technical analysis-based trading tips, high-quality market reports, in-house forex market research & analysis team along with resources like webinars & video tutorials, etc.
Overall, Forex.com is an established broker with over a million dollars traded, offering great value across multiple account types. It provides advanced trading tools & analysis, along with excellent customer support & educational resources, making it suitable for traders at all levels who wish to focus on independent trading.
2 Top Forex.com Alternatives
|Award||Best Overall||Most Affordable||Best User Experience|
|Detail||Read Reviews||Read Reviews||Read Reviews|
eToro is a social trading platform that offers users access to a range of financial instruments, including forex, stocks, and cryptocurrencies. The platform’s unique selling point is its copy trading feature, which allows users to automatically copy the trades of successful traders. Founded in 2007, eToro has become one of the most popular online brokers, with over 20 million registered users.
CMC Global Markets is an award-winning online broker that offers traders access to over 10,000 financial instruments across multiple asset classes. Founded in 1989, CMC Markets has a long history in the industry and is renowned for its cutting-edge technology and excellent customer support.
After conducting a thorough Forex.com review, it is clear that this platform offers a comprehensive and reliable trading experience for forex traders. With its low trading fees, a wide range of currency pairs, and an abundance of technical research trading tools, Forex.com, an umbrella from Gain Capital UK LTD, is a one-stop shop for those looking to enter the forex market.
While there are some drawbacks, such as the lack of commission-free trading and limited resources, these are outweighed by the platform’s overall strengths. Overall, Forex.com is a top choice for both novice and experienced traders alike.
Frequently Asked Questions (FAQs)
Forex.com offers three different account types: Standard, Commission, and Direct Market Access (DMA). Each retail investor accounts have its own unique features and benefits to cater to the specific needs of traders.
Yes, Forex.com offers cryptocurrency trading for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Traders can access these markets through their standard or commission accounts.
Yes, Forex.com offers a demo trading account that allows traders to practice with virtual funds in real market conditions. This is an excellent way for new traders to get familiar with the platform before committing any real money.
Forex.com offers several deposit and withdrawal options, including transfers from your bank account, credit/debit card, PayPal, Skrill, and Neteller. The availability of each method may vary depending on your country of residence.
All trading carries risk, and losses can occur due to market volatility or ill-advised trades. Hence, yes, certain accounts lose money on the platform. That said, Forex.com offers tools and resources designed to help traders make informed decisions so that losses are minimized.
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+ 5 sources
Financial Conduct Authority. FCA. FCA. Published 2019. Accessed March 10, 2023. https://www.fca.org.uk/
Commodity Futures Trading Commission | CFTC. www.cftc.gov. Accessed March 10, 2023. https://www.cftc.gov/
Forex Demo Account – Trading Demo Account – FOREX.com US. www.forex.com. Accessed March 10, 2023. https://www.forex.com/en-us/demo-account/
Our Accounts | Forex Trading Accounts | FOREX.com. www.forex.com. Accessed March 10, 2023. https://www.forex.com/en/trading/our-accounts/
Foreign currency exchange (forex) | Investor.gov. www.investor.gov. Accessed March 10, 2023. https://www.investor.gov/introduction-investing/investing-basics/glossary/foreign-currency-exchange-forex